Yesterday midday, the market experienced a rapid jump. BTC stabilized around $93,983, with a 24-hour increase of 0.93%; ETH performed even better, rising 0.9% within the cycle at $3,219. The total market capitalization has already surged past $3.3 trillion, a 1.3% increase in a single day, with daily trading volume reaching $143 billion. The market shows clear differentiation—small coins like LIT led the surge, soaring 16% in a single day, while MYX faced downward pressure, declining 14%.

The most noteworthy aspect is the capital flow. A whale recently opened 3 new wallets, buying a total of 92,899 ETH, equivalent to about $412 million in real money. Even more astonishing, a large institution increased its holdings continuously over 10 hours, adding 106,485 ETH in one go, now holding a position of 1,297,000 ETH, with a market value approaching $575 million. Hong Kong-listed company Top Win International also kept busy, completing a $10 million financing round to establish a BTC reserve. These signals indicate that institutions are quietly increasing their positions.

Good news comes from the policy front. The US spot crypto ETF has surpassed $2 trillion in cumulative trading volume, indicating that traditional capital continues to flow in. The GENIUS Act is expected to be implemented in January, and the "innovation exemption" signals from the SEC may provide more flexible compliance channels for Web3 startups.

Market sentiment, as measured by the fear and greed index, remains neutral at 49, with no extreme emotions. On-chain data shows that over the past week, CEXs experienced a net outflow of 10,386 BTC, while ETH saw a net inflow of 135,500 ETH, indicating that the market's desire to hold ETH remains strong.